• Production volume for the quarter was lower by 3% to 68055 MT and that of sales were down by 1% to 63618 MT. Lower sales volume was largely due to 6% fall in non mining sales volume to 22969 MT, as mining sales volume for the period stood higher by marginal 2% to 40649 MT. But the unit realisation stand lower higher by 4% to Rs 112192.08/MT. Thus driven by higher realisation the operational income (excluding other operating income) for the quarter was higher by 3% to Rs 713.74 crore.
• Value of production for the quarter was down by 1% to Rs 729.13 crore. Sale for the period and corresponding previous period was 97.9% and 93.5% of respective value of production. Sales lower than value of production reflects inventory built up and that will get liquidated in coming quarters.
• Other operating income was down by 19% to Rs 19.55 crore. Other operating income is fully made of export benefits. Thus overall sale was up by 3% to Rs 733.29 crore.
• The 120 bps expansion in OPM to 23% was largely due to fall in material cost. Material cost as proportion to sales (net of stocks) was down by 350 bps to 40.4%. But the staff cost was up by 20 bps to 4.3%. Similarly the OE was higher by 110 bps (to 32.8%). Thus facilitated by higher sales and higher OPM the operating profit was up by 8% to Rs 168.64 crore.
• Other income was up by sharp 91% to Rs 38.61 crore due to higher investment income and forex gain. Forex gain stood higher at Rs 13.71 crore compared to mere Rs 1.72 crore in the corresponding previous period. The investment income was up at Rs 5.05 crore compared to Rs 2.84 crore in the corresponding previous period. The others were up at Rs 19.85 crore compared to Rs 15.61 crore in the corresponding previous period. Thus the PBIDT was up by 18% to Rs 207.25 crore.
• The interest cost was down by 22% to Rs 1.43 crore and the PBDT was up by 18% to Rs 205.82 crore. The depreciation was up by 43% to Rs 23.62 crore. Thus the PBT was up by 16% to Rs 182.20 crore.
• Taxation was down by 19% to Rs 42.65 crore and the tax rate was lower at 23.4% for the quarter compared to 33.4% in corresponding previous period. And thus the growth at PAT was 33% to Rs 139.55 crore.

Yearly performance

Sales was up by 26% to Rs 3069.50 crore but with 40 bps contraction in OPM to 21.5%, the operating profit was up by 23% to Rs 659.90 crore. After accounting for lower other income, higher interest and higher depreciation the PBT was up by 19% to Rs 694.40 crore. The taxation was up by 29% to Rs 182.96 crore and thus the PAT was up by 15% to Rs 511.44 crore. Eventually the total comprehensive income was up by 19% to Rs 504.29 crore after accounting for higher NCI (up 126% to Rs 0.61 crore) and lower other comprehensive expenses (down 68% to Rs 6.54 crore).

Order book

Order book at the start of July 1, 2019 was Rs 593 crore compared to Rs 637 crore at the start of Apr 1, 2019.